BS! The company was BANKRUPT and it took tax payer $s to bail out their worthless certified expert ashes! The taxpayers have no contract with any of these proven failures to pay them bonuses. You want them to claim the fantasy that they're owed bonuses, you pay them!
When a company declares bankruptcy, then contracts can be renegotiated. “Effective bankruptcy” has no such provision.
The problem was with the bailout, which kept all the contracts, Credit Default Swaps, etc. in play.
We should have let the company go under. We didn’t, so don’t get mad that contracts are still there. It doesn’t mean we should have confiscatory penalties on otherwise legal activity.
The congress screwed up by protecting the bonuses in the first place. Now they are acting against a group of individuals. If they thought the bonuses were wrong, why was there language in the original legislation that protected them. This congress is just trying to CYA and making it worse. I hope someone or lots of someones challenges this legislation.
Wow. That is no incredibly uninformed and childish, I'm not quite sure where to start. And, more importantly, is so contrary to what every conservative should believe.
We can have reasonable discussion about whether or not the government should have gotten involved in the first place, but contracts (and these were legitimate contracts) are the absolute keystone to a well-functioning capitalist society. To discard a contract because you simply don't like or are envious of the contracts terms, is a dangerous and catastrophic precedent.